Every day, property managers juggle a lot of responsibilities – from overseeing the leasing cycle to making sure repairs are completed on time. And, because it’s vital for owners to know exactly how their property is performing, you’re probably running daily, weekly and monthly reports. Property management software helps to provide insights that keeps properties competitive and profitable.
Here are the must-have reports that every property manager needs.
With all the daily tasks required in property management, it’s easy to lose sight of the ultimate goal: growing the business. Property management software gives you a clear view of the financial health of your business with real-time reports on key metrics.
On a monthly basis, property owners should receive or be able to access these reports:
- Balance sheet
- Income statement
- Trial balance
- Vendor ledger
- Vendor aging
- Variance reports
- Rent roll
- Monthly bank statements with reconciliations
It’s a fact of the rental industry: No matter what, tenants will come and go. In the old days of spreadsheets, staying on top of the leasing cycle was a major challenge. Property management software gives property professionals the insights they need to reduce turnover, and more accurately predict vacancies.
Turnover and vacancy reports immediately show the number of vacant units in your portfolio, as well as days vacant, lost income and market rent vs. previous tenant’s rent. You can also monitor which leases that are set to expire. Use these reports to form the basis for your lease staggering strategy, serving to reduce turnover lag and increase revenue.
Marketers need to know which ads sent the highest quality leads as well as which platforms referred the most leads and produced the most traffic to their website. And, what is the conversion rate from lead to tenant across the portfolio—all in real time. This type of reporting helps marketers to make smarter decisions and allocate their marketing dollars more successfully. The facilitates reduced costs, a higher return on marketing investment and a view to the future to better forecast opportunities.
The property management business is a customer service business. And, one of the controllable factors in why a tenant may leave is maintenance and repair quality. You can use property management software to run maintenance reports to track all work orders, by tenant, building or portfolio.
Use your maintenance and inspection reports to analyze changes to your property over time.
Property management firms can also use this information to identify where repairs are most common, create budgets and where they need to spend on preventative maintenance. You can also run vendor reports to see where your company stands in terms of expenses and accounts payable.
Reporting Tools Improve Your Bottom Line
The more properties you manage, the more reporting tools can save you time and money. The ability to easily log in from anywhere to view dashboards and access reports is critical in today’s fast-paced market. You can easily see rent rolls, aged collections, maintenance tasks and leads. These reports can provide the insights needed to reduce turnover and save marketing and maintenance dollars. If you’re interested in seeing how our reporting tools work, be sure to check out pricing and get a demo.